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The team's persistent issues constitute a "significant problem" and the independent regulator is looking to gain the ability to examine team situations in similar circumstances, its new chair the regulator has announced.

Through a comprehensive talk, the chairman, who was named to the position this week, expressed "sympathy" towards the club's followers.

Kogan met with four supporters' associations associated with the Championship side this week.

The team have been struggling on and off the field in the current year, with the club failing to pay players on time on five separate occasions, including in last month.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," the chairman stated.

"Sheffield Wednesday is one of the historic institutions for football in England and recently we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and dealt with."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be open to selling the club at their home ground, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the football authorities in mid-year, blocking the team from conducting any recruitment activities for the subsequent signing windows, although that restriction was lifted in late summer.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where people are committed to a regional establishment that has represented their community in multiple situations.

"I completely understand the team's plight, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the followers."

Inquired if the regulator could force an proprietor to divest a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But Kogan stressed that compelling proprietors to divest clubs would be treated as a "last resort" and the authority would rather to work with them.

"The final option we would consider is commence engagement with an particular organization, an specific proprietor, without being able to work with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the chairman stated.

"In actuality, when you look back over the history of the game, over the recent generations there have been particular chairmen, not many, but some who have been irresponsible in the manner they have operated their teams and eventually decline to assume obligation for the coming years."

'Mistakes could erase significant advances'

The regulator engaged officials from numerous teams to explain the responsibilities of the oversight body this week and maintained it represented a "progressive gathering" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," the chairman stated.

"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we must maintain momentum.

"Considerable investment entering the sport and has come into football for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the next two or three years."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the achievement and development as an economic entity of the top division.

"Being fully aware of the concern of undermining the top flight as an elite competition of England. But at the same time, if you engage with division representatives after the recent gathering, they would have had a substantial amount of confidence -and, in fact, they have been telling us in private they have a significant confidence."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in 2020.

The official provided financial support for government minister the minister's leadership bid, along with that of the government leader.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the regulator explained.

"I currently have no participation in any type of partisan engagement."